At the cabinet’s October meeting, held on November 4 and chaired by Prime Minister Pham Minh Chinh, discussions were focused on the country’s socio-economic situation in the first ten months of this year, especially on the implementation of the socio-economic recovery program, the disbursement of public investment capital, and the realization of three national target programs, according to a report from the Government News.
In his opening remarks, the Prime Minister noted that Vietnam has faced unprecedented challenges this year, most notably the lingering impact of the Covid-19, rising geo-strategic and geo-economic competition worldwide, including conflicts in Ukraine and Gaza, and other headwinds like global interest rate hikes and inflation, supply chain disruptions, slowdowns in global trade and investment, and unexpected natural disasters.
The country’s economy is suffering from the “twin impact” of adverse external factors and its own limits regarding competitiveness and economic resilience, the Government leader said, adding that the economy nonetheless showed encouraging signs.
According to a report presented at the meeting, FDI inflows this year as of October 20 reached $25.76 billion, up 14.7 per cent year-on-year, including 2,608 new projects with estimated registered capital of $15.29 billion, up 66.1 per cent in volume and 54 per cent in value against the same period last year; 1,051 projects adding capital totaling more than $5.33 billion, up 19.4 per cent in volume but down 39 per cent in value year-on-year; and over $5.13 billion in capital contributions and shares purchase, up 35.4 per cent over the same period last year.
Disbursed FDI capital rose 2.4 per cent year-on-year, to about $18 billion.
Meanwhile, export turnover was estimated at $291.28 billion, down 7.1 per cent year-on-year, and import turnover $266.67 billion, down 12.3 per cent, for a trade surplus of $24.61 billion.
Nearly 10 million foreign tourists visited the country in the first ten months; 4.2-fold higher than in the same period last year.
There remain many difficulties and challenges facing the country’s economy in the closing months of the year.
According to the Prime Minister, GDP growth will not achieve the target as many difficulties and bottlenecks remain that create obstacles to production and business activities, while administrative procedures have not been fully simplified and many existing problems are still to be resolved.
Prime Minister Chinh asked the meeting to discuss and identify solutions for the more effective implementation of socio-economic tasks in the remaining months of the year, to achieve better results than in 2022.
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